Invesco Adds Three Hotel Assets to European Hotel Programme for €100m
Main Photo: The reception area at the five-star Vincci Seleccion hotel
Date: June 2022
Names: Holiday Inn Express, The Hague – Parliament; Hotel Occidental 1929, Barcelona and Vincci Selección, Malaga
Locations: As above – Netherlands and Spain
Number of Keys: HIE Hague – 123; Hotel Occidental 1929 – 152; Vincci Seleccion – 106 – Total: 381
Seller: The Vincent Group, sold in 2015, by Bart van de Kamp, CEO of Borealis, opened the HIE The Hague in 2013 and was managed by Interstate, then leased to Westmont Hospitality….They sold the hotel some years back; Hotel Occidental 1929 was owned/operated by Barcelo Hotels; Internos Global Investors acquired the Vincci Seleccion Posada del Patio for €26.75m in 2017
Buyer: Invesco Real Estate
Invesco Real Estate has acquired three hotels in Spain and the Netherlands for €100 million. The three properties are Holiday Inn Express The Hague, Hotel Occidental 1929 Barcelona and Vinnci Selección Malaga.
Each asset represents the very best of its class, with strong ESG profiles, and brings further diversification to Invesco’s European hotel portfolio across market segment, tenant profile and location.
The acquisitions in Spain represent an opportunity to acquire prime city-centre assets in two of Spain’s most dynamic markets, said Invesco.
Invesco believes that restrictions on new supply in Barcelona should lead to a faster market recovery compared to other locations. In Malaga, demand has outgrown supply consistently since 2014 and the city led Spain’s tourism recovery in 2021.
Holiday Inn Express The Hague is a 123-room, upper-midscale hotel with a strong international brand, leased for a further 44 years to Westmont Hospitality, a long-term partner for Invesco.
Invesco’s European hotel programme, which outperformed it’s peers in 2021, was named Global Sector Leader by GRESB for 2021, illustrating its very strong sustainability commitments and its role in Invesco’s global ESG programme.
David Kellett, Managing Director – Hotel Transactions at Invesco said: “We have seen a strong, post-Covid recovery in European travel and expect this momentum to improve further as we look across 2022 and beyond when we expect to see further compelling acquisition opportunities.”
Chris Brassington, Senior Director – Fund Management at Invesco concludes: “These latest additions in the Netherlands and Spain represent the very best of the European hotels market and we fully expect to make additional investments with the aim of creating further value. Our intent is to create investments that have potential to deliver long-term compound growth above the market to benefit our investors.”
Price: €100m
Price per Key: €262k
THPT Comment: A diverse group of hotels from three to five star….complements the Invesco hotel portfolio nicely. Great price per key.
First Seen: Commercial Real Estate Herald
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